Monday, April 25, 2005

Property Developers behind Morrisons move

Dominique Searle reports

Morrisons Supermarkets UK
Morrisons, the supermarket chain that took over Safeways in Britain and Gibraltar, is being enticed by property developers to allow the massive supermarket site at the heart of the Westside reclamation to be sold for development, it has emerged

It is unclear whether the proposition envisages the continuation of the supermarket, although the Chronicle understands that any change would require Government approval.

Morrisons themselves confirmed that they had received a number of unsolicited enquiries from other retailers about the Gibraltar store.

The board have decided to market the store to understand the true nature of this interest, which may lead to the store being sold,” they said on Thursday.

But it also appears that there were no plans by Morrisons to cease trading and that what they are now looking at is a property opportunity.

Property in Gibraltar has for some time been considered a major opportunity for speculators seeking large returns for investment. One suggestion is that the site could keep the supermarket but also house a much larger business and residential complex above and around it.


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